My understanding is that F.A [Fundamental Analysis], is not...

My understanding is that F.A [Fundamental Analysis], is not qualitative analysis.

FA as practised by most, even the pros it seem, are very mechanical. It's technical in that it uses "fundamental" ratios instead of share prices.

Such mechanical use might work out ok if all else are equal... but often the best opportunities lies in not all is well and equal for the company.

For that we'd need to look closer at the company, see if those fundamentals - as generally understood and measure - if it makes sense or should be viewed with respect to the company's situation/predicament.

That might sound like interpreting the figures to mean what we want it to... and it could do that too I guess... but used properly it ought to mean the understanding of the business, with FA ratios and other mechanical measures as mere tools to help clarify the picture.

Basically, it's business analysis, not TA or FA...

Graham taught us that. Just in his application he stick more to the mechanical aspect - given his experience with the Great Depression etc.